As price spirals, homebuyers look to 2BHKs in Hyderabad

HYDERABAD: With the realty turning costlier post-hike in market value, building materials and labour, thus making apartments pricey, the majority of buyers in Hyderabad now prefer 2 BHK houses and are not bothered about locations.

The pandemic significantly altered consumer preferences and there grew a demand for larger spaces across top cities. In most metro cities, the preference for 3BHKs has outstripped that for 2BHKs. However, in Hyderabad, half of the buyers are interested in investing in 2BHKs.

According to a survey by Anarcok-CII, Hyderabad where demand for larger BHK configuration has always been high previously is seeing some reversal in trend. The city has witnessed maximum demand for 2BHKs. Over 49 per cent of respondents in the city revealed that they are looking to buy a 2BHK.

“If we deep-dive, in Bengaluru and Chennai the demand for 3BHKs is the highest with 51 per cent and 48 per cent respondents voting in its favour respectively. The preference towards 3BHK in Hyderabad is less compared to other metros where 40 per cent of respondents are favourable towards them,” the survey said.

The least budget range for 2BHKs is available in East Hyderabad for Rs  3,700 per sq. ft and buyers can purchase a flat at Rs 44 lakh - Rs 50 lakh. In central Hyderabad, 2 BHKs are expensive as they are in the range of Rs 75 lakh to Rs 85 lakh. Demand for homes in the city peripheries continues to remain strong - with at least 42 per cent of respondents preferring to buy a home there.

Homebuyers still prefer to live in the peripheries probably because of their inclination towards bigger and affordable homes there. This could also be because many offices have opted for a hybrid work model presently where employees have to work from the office only on a few days of the week. The survey also revealed that millennials are emerging to be key homebuyers, both directly and indirectly.

In a previous survey, 53 per cent of millennials preferred to buy a home later on from their capital gains while in the H1 2022 survey, this percentage has increased to 56 per cent. The capital gains here refer to the gains earned from other asset classes such as stock markets, mutual funds and FDs.

HYDERABAD: With the realty turning costlier post-hike in market value, building materials and labour, thus making apartments pricey, the majority of buyers in Hyderabad now prefer 2 BHK houses and are not bothered about locations. The pandemic significantly altered consumer preferences and there grew a demand for larger spaces across top cities. In most metro cities, the preference for 3BHKs has outstripped that for 2BHKs. However, in Hyderabad, half of the buyers are interested in investing in 2BHKs. According to a survey by Anarcok-CII, Hyderabad where demand for larger BHK configuration has always been high previously is seeing some reversal in trend. The city has witnessed maximum demand for 2BHKs. Over 49 per cent of respondents in the city revealed that they are looking to buy a 2BHK. “If we deep-dive, in Bengaluru and Chennai the demand for 3BHKs is the highest with 51 per cent and 48 per cent respondents voting in its favour respectively. The preference towards 3BHK in Hyderabad is less compared to other metros where 40 per cent of respondents are favourable towards them,” the survey said. The least budget range for 2BHKs is available in East Hyderabad for Rs  3,700 per sq. ft and buyers can purchase a flat at Rs 44 lakh - Rs 50 lakh. In central Hyderabad, 2 BHKs are expensive as they are in the range of Rs 75 lakh to Rs 85 lakh. Demand for homes in the city peripheries continues to remain strong - with at least 42 per cent of respondents preferring to buy a home there. Homebuyers still prefer to live in the peripheries probably because of their inclination towards bigger and affordable homes there. This could also be because many offices have opted for a hybrid work model presently where employees have to work from the office only on a few days of the week. The survey also revealed that millennials are emerging to be key homebuyers, both directly and indirectly. In a previous survey, 53 per cent of millennials preferred to buy a home later on from their capital gains while in the H1 2022 survey, this percentage has increased to 56 per cent. The capital gains here refer to the gains earned from other asset classes such as stock markets, mutual funds and FDs.